Startups succeed in spite of great odds. Every day they go against the Goliaths of the game or enter uncharted waters, with resources crunched but plenty of other tools in their arsenal such as innovation, resourcefulness, creativity, passion and vision.
What are these crunched resources
Start-ups face tight budgets & cash-flows that makes it difficult to hire the best full-time talent, which can be expensive. Demand takes a while to ramp-up, and many start-ups get stuck in a catch-22 situation where they need expert talent to accelerate demand, but hiring this same talent is outside of their budgets. And very importantly, start-ups need to keep experimenting, trying out new initiatives, entering new markets, MVPing new product features or lines, responding quickly to competition, and all of this demands an environment of agility. This needs to extend to hiring as well, and conventional modes of hiring don’t offer this agility.
Larger organisations too face these challenges
The situation with larger companies today is not very different. They too are facing dynamic environments due to changing consumer habits, evolving technologies; product cycles have to be crunched, innovation has to be top-notch, all the while battling bottomline pressures. They have to be open to experimentation, to failure and agility, and an unconventional approach towards hiring.
COVID-19 has compounded these conditions.
Businesses are battling with the repercussions, but it’s going to be a hard struggle before things normalise. Cash-flows have become tighter, demand is even more uncertain and there is a critical need for MVPs and Pivots which requires expert talent & agile hiring models.
How Flexible Talent can help Businesses navigate these problems
Even at the best of times, growing businesses face constraints and conditions that make hiring through conventional models difficult; at times like these, those constraints get compounded. Let us understand how the flexible talent ecosystem can play a role in tackling these challenges.
Pillar #1: Skilled & Expert Talent
Today, the flexible talent ecosystem attracts people from a wide array of functions and sectors. This means a business today can find virtually any skill they need, including some very cutting edge ones, from this pool. Moreover these are experts, with minimal need for training, and can be productive very quickly.
Pillar #2: Project or Role formats
Work arrangements can be as per business need, could range from a 2 week project to a 2 year long role. Most of these are contractual and are part-time and remote-working in nature, which are beneficial for both businesses and the talent pool. For businesses, part-time models are hugely cost-effective as one gets high expertise at a fraction of the cost, and remote-working unlocks cost benefits as well as enables businesses to hire uninhibited by geographical boundaries.
Pillar #3: Pay per time needed Pricing models
Pricing models can also be as per business need, for example, a business can hire a part-time talent for 75%, 50% or 25% of the traditional work-day. Similarly, projects can be structured as per hours, milestones or output, with pricing models mirroring those as well. This means that you can pay basis the number of hours incurred, basis milestones or output achieved. Businesses benefit from all of these.
Pillar #4: Quick hiring & short duration contracts
Hiring, onboarding and joining can all be completed within 1-2 weeks or lesser time, given the non traditional pool it hires from. Businesses can scale up and even scale down very quickly given the short nature of the contracts and business friendly notice periods. All of this helps create an environment of experimentation and agility for businesses, and enables them to stay lean during the off-periods.
So these are the ways in which start-ups or small businesses can tackle some of their talent challenges, during Corona and beyond. They can get job-ready expert talent, via pay-per-need affordable pricing models, and in a highly agile manner that supports innovation and experimentation.